Social Security began as a response to the Great Depression. “This Social Security measure gives a least some protection to
30 millions of our citizens.” And ever since then, it has assisted the lives of
millions of Americans in need. But over the next 20 years, an average of 10,000 baby boomers a day will apply for Social Security. When you are young and working, a portion of your tax
dollars are set aside in a gigantic pot called Social Security. The more you earn, the more you contribute and the higher your
allotment when you retire, or if you are disabled, a
dependent or a beneficiary. Wow, what a great plan! But there is a snag. Americans are not having as
many children as they used to. Meaning there will be
less people contributing into the pot of money
that is Social Security. That means funds for future
generations could run out. But this has happened before. In the 1980’s, Social Security reserves were nearly depleted. So, Congress increased the
retirement age from 65 to 67 and started to begin taxing
benefits based on income levels. This stabilized things for a while, but Social Security’s cash
flow has been negative since 2010, meaning the program is paying out more than it’s taking in. At this current rate,
Congress has about 16 years left to fix Social Security.

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